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Property and Equipment

12 Months Ended

Dec. 31, 2014

Note 5 – Property and Equipment

Property and equipment, stated at cost, less accumulated depreciation consisted of the following:

	Estimated Useful
	Life (Years)		December 31, 2014			December 31, 2013
Buildings	20	$	14,774,618		$	14,856,320
Equipment	3 - 5		1,236,294			340,337
			16,010,912			15,196,657
Less accumulated depreciation			(1,946,369	)		(1,060,890	)
		$	14,064,543		$	14,135,767

(i) Depreciation Expense

Depreciation expense was $889,024 and $754,038 for the reporting period ended December 31, 2014 and 2013, respectively.

(ii) Impairment

The Company completed its annual impairment testing of property and equipment and determined that there was no impairment as their fair value, exceeded their carrying values at December 31, 2014.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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